Tesla snaps winning streak; J.C. Penney soars

Beleaguered retailer says it expects to finish turnaround this year

BenEisen

SAN FRANCISCO (MarketWatch) — Tesla Motors Inc. surrendered earlier gains to edge lower after an analyst on Thursday threw cold water on the market’s rosy view of the company while J.C. Penney Co. surged after reporting better-than-expected quarterly earnings.

However, Best Buy’s
BBY, -1.57%
rally fizzled and the shares fell 1%. The retailer reported adjusted fourth-quarter earnings of $1.24 a share. Though it was below the $1.47 per share earned in the same period a year ago, it beat consensus analyst estimates of $1.01.

Gainers

Bloomberg

Best Buy reported earnings Thursday.

Mylan Inc.
MYL, -0.31%
shares advanced 9.4%. The pharmaceutical company on Thursday reported fourth-quarter profit of 78 cents a share, above the 75-cent forecast by analysts in a FactSet survey.

Pacific Ethanol Inc.
PEIX, +1.15%
skyrocketed 65% after the low-carbon renewable-fuel company reported that it swung to a profit of 54 cents a share in the fourth quarter.

Decliners

Valero Energy Corp.
VLO, -0.82%
shares dropped 4.4%. Analysts at Credit Suisse on Wednesday lowered the rating on Valero Energy Partners
VLP, -1.56%
to neutral from outperform. VLP was formed by Valero in July 2013 to operate and manage Valero’s crude oil and petroleum product pipelines and terminals and other logistic assets. Shares of VLP are off 1.4%.

ITT Educational Services Inc.
US:ESI
skidded 9% on news Wednesday that the Consumer Financial Protection Bureau has filed a lawsuit against the for-profit education company, alleging predatory student lending. The company rejected the claims as “without merit” and said it will vigorously defend itself against the charges, according to an emailed statement.

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